1.0 INTRODUCTION
Pauktuutit is seeking proposals from qualified Chartered Professional Accounting firms to audit its financial statements for the fiscal year ending March 31, 2024, with the possibility of reappointment for subsequent years. These audits are to be performed in accordance with generally accepted auditing standards and the financial statements are to be prepared in accordance with Canadian Generally Accepted Accounting Principles applicable to not-for-profit organizations.
2.0 BACKGROUND
Company is incorporated under the Canada Not-for-profit Corporations Act S.C. 2009, c. 23. Company financial statements are prepared in accordance with Canadian accounting standards for non-profit organizations.
3.0 OBJECTIVE
The objective of the audit is to express an opinion, as to whether the financial statements of the Company present fairly, in all material respects, the financial position, results of operations and changes in cash flow in accordance with generally accepted accounting principles. Management will prepare the financial statements that will be subject to audit, and these statements will be available to the auditor. The auditor should advise the Company of any extra cost if the Auditor is requested to prepare any other statements or perform any other activities on the organization’s behalf.
During the engagement, the Auditor should be watchful of and report:
- Any significant or unusual transactions entered into by the Company that Management and/or the Board of Directors should be made aware of;
- Any deficiencies in internal controls that are of sufficient importance to merit the attention of Management and/or the Board of Directors;
- Any disagreements with Management about matters which are significant to the organization’s financial statements;
- Any lack of compliance with the Financial Management and Controls Policy;
- Any lack of compliance with financial or other relevant legislation; and/or
- Any lack of accountability in the use and management of the Company assets.
Any such instances should be reported in the management letter.
4.0 EXPECTED DELIVERABLES
The Auditor will:
- Prepare an auditor’s report and management letter in a format consistent with generally accepted auditing standards;
- Discuss the auditor’s report and management letter with Management and the Audit Committee prior to their distribution;
- Meet audit or reporting requirement dates as set out below;
- Provide a management letter that identifies areas of concern or weaknesses found, recommendations for improvement, management’s response on any concerns identified;
- Complete scope of work;
- Schedule in-person meetings with the Company; and
- Provide required reporting to the Company (weekly updates, project milestone reports).
The expected key dates and timing relating to the audit are as follows. This timing should be considered indicative only:
Some flexibility will be accommodated for fieldwork and final deliverables in Year 1, to accommodate late RFP issuance. Please indicate any specific limitations/requirements in proposal.
| Event | Key Dates/Timing |
| Audit plan presentation to Audit Committee | March 2024 |
| Company fiscal year end | March 31, 2024 |
| Completion of year end audit work | flexible |
| Audit Committee meeting to review financial statements | July 2024 |
| Board meeting to review and approve financial statements | July 2024 |
| AGM | TBD |
5.0 GENERAL INSTRUCTIONS TO PROPONENTS
5.1 General Invitation to Submit Proposals
Company is seeking proposals for external audit services. Proposals specifically marked “RFP for External Audit Services” shall be received by the following:
Attention: Raya Dumbrique
Email: rdumbrique@pauktuutit.ca
Proposals will be accepted until 4:00 pm, December 5, 2023. Late proposals will not be accepted.
Prospective vendors must provide their proposal electronically in PDF file format on or before the specified submission deadline.
All proposal amounts shall be indicated in words and figures and shall include applicable taxes and any other associated costs the successful Vendor(s) will require.
5.2 Complete Proposals
The requirements that each proponent must follow and include in its proposal submission are outlined herein. The Company reserves the right to determine, in its sole and unfettered discretion, whether any proposal meets the mandatory requirements.
5.3 Negotiation
The Company reserves the right to negotiate with any or all Vendors including those Vendors that have submitted a proposal that does not fully comply, either in material or non-material ways, with the RFP requirements.
5.4 Request for Information
Each Vendor is solely responsible for ensuring that it has all information necessary to prepare its proposal and for independently verifying and informing itself with respect to any terms or conditions that may affect this proposal. All inquiries related to the RFP shall be directed to: Shannon Montpellier
5.5 Acceptance of Proposals
The Company reserves the right to reject any or all Proposals or to accept the Proposal deemed most favourable to the Company. All proposals must include a statement of authorization to submit a proposal signed by a principal of the Vendor.
Following the evaluation of the submitted proposals, the Company will consider entering into negotiations for a contract with a prospective Vendor(s) it believes best meets the needs and expectations and offers the best overall content and value. The solicitation of proposals does not in any way commit The Company to accept any proposal or to commence negotiations with any Vendor.
6.0 PROPOSAL REQUIREMENTS
6.1 No Conflict of Interest
The successful Vendor(s) must not have a real or apparent conflict of interest regarding its ability to provide its service to the Company. The Vendor must disclose to the Company the names of any parties which it believes are, or may be, a real or apparent conflict.
6.2 Executive Summary
The Vendor shall provide an executive summary with its proposal in addition to the minimum requirements/expectations as outlined. The executive summary shall briefly summarize the key aspects of the proposal and the primary contact person for the prospective Vendor.
6.3 RFP Submissions
The RFP submissions should:
- Introduce the Audit firm and audit team, including the capability of the firm and team.
- Provide a description of the Vendor’s history and experience, especially as it relates to the not-for-profit with international field offices and recent relevant audits.
- Demonstrate understanding of the scope and complexity of the required work.
- Description of Vendor’s abilities related to audit services. Clearly outline if any services will be outsourced.
- Identify the person(s) who would be involved in the project, their proposed role on the project, and their experience and qualifications to fulfill that role. Clearly outline if any services will be outsourced.
- Describe any internal or external professional and technical services that will be called upon to assist in the audit.
- Provide a detailed description of the Audit firm’s proposed audit strategy, its processes and deliverables, and outline the methodology and approaches that would be used in carrying out the audit.
- Provide a proposed timeline for each component of the audit services to be provided and indicate the proponent’s ability to meet the timelines as set out herein.
- Include a minimum of 2 client references (names, phone numbers and email addresses) who may be contacted to confirm the satisfactory delivery of service by key team member(s) on previous assignments.
7.0 REQUEST FOR PROPOSAL PROCESS
7.1 General Information
The submission of a proposal does not constitute a legally binding agreement between the Company and any Vendor. It is part of an overall selection process intended to enable the Company to identify a potential successful Vendor for the provision of services described herein. The goal of this RFP process is to identify those Vendors who offer the best delivery of service and value and demonstrate the highest degree of capability for providing and implementing the functions and objectives of the project.
A contract will be entered into between the successful Vendor and the Company. The Company is not bound to negotiate with the lowest cost or any Vendor and may, in its sole discretion, discontinue the RFP process and/or cancel the initiatives as outlined prior to the execution of the contract.
7.2 Proposed Schedule & Submittal Information
| Milestone | Scheduled Date |
| Release of Request for Proposal (RFP) | November 17, 2023 |
| Deadline for submitting questions | November 28, 2023 |
| Proposals due | December 5, 2023 |
| Selection of firm | December 15, 2023 |
| Completion – Appointment of Audit Firm | February 2024 @ AGM |
The Company reserves the right to modify the schedule as circumstances may warrant.
Other Information
Confidentiality of Information
The Company will require the successful Vendor(s) to enter into a confidentiality agreement with the Company that protects all information provided to the Vendor(s) by the Company or by any party contacted by the Vendor(s) in order to complete this project.
Reporting and Questions
The successful respondent(s) will report to Charlotte Wolfrey, Company Audit Committee Chair. Questions about proposal preparation should be forwarded by email to: rdumbrique@pauktuutit.ca
8.0 DURATION OF OFFER
Proposals will be accepted up until December 5th at 4:00 pm. Late proposals will not be considered. The Company also reserves the right to extend the RFP deadline.
For clarity, the time and date of an electronic submission is solely determined by the time and date the proposal is received by the Company and without consideration as to the time or date it was sent or otherwise submitted by the vendor. A proposal received after the submission deadline, as documented by the applicable time and date stamp, will be deleted from the applicable server or otherwise not downloaded to the Company. It is the sole responsibility of the vendor to ensure that the proposal is received by the Company on or before the submission deadline.
9.0 EVALUATION CRITERIA
9.1 Submission Evaluation
The evaluation process to determine the successful Vendor(s) will involve both qualitative and quantitative elements. As a general framework, all proposals presented by Vendors will be evaluated in the context of the overall value that it brings to the initiative. While cost is a significant part of the evaluation criteria, it will not be the sole determinant.
Selection Rights
The Company reaffirms its right to make any selection it deems prudent, and responding firms or individual participants acknowledge through their participation that such selection is not subject to protest or contest.
The Company reserves the right to:
- not award a contract as a result of this RFP;
- modify the tasks based on negotiation with respondents;
- award a contract to the same Vendor(s) for subsequent years.
10.0 CLARIFICATIONS/ INTERPRETATIONS
Each prospective Vendor shall be responsible for conducting its own due diligence on the data and information upon which their proposal is based. Prospective Vendors shall be deemed to have gathered all information necessary to perform their obligations under the RFP.
Information referenced in this RFP, or otherwise made available by the Company as part of this RFP, is provided for the convenience of the prospective Vendor only and The Company does not warrant the accuracy or completeness of this information. Prospective Vendors that find discrepancies or omissions in the information provided, or that have questions as to the meaning or intent of various aspects of the project, shall at once notify Raya Dumbrique, who will, if necessary, send written instructions, clarifications, or explanations to all prospective Vendors who have submitted an expression of interest to this RFP.
Project Billings and Budget
Based on the scope of work contained within the submitted proposal, the successful Vendor(s) will be expected to submit a detailed breakdown of all fees relative to the specific project components as well as related expenses for 2024. A tally of all costs will be provided as a total lump sum fee for 2024 and for each of the subsequent years, if reappointed.
Respondents may propose to invoice on an interim or final cost basis. Regardless of the method used, invoices must clearly identify the costs associated.